a job
Science Tower GmbH, known for the office tower in the smart city of Graz, has become insolvent. According to its own information, the company has liabilities amounting to 6.5 million euros. No employees are affected.
The “Science Tower” project was implemented in cooperation with SFL Technologies GmbH. Bankruptcy proceedings are still pending in the Graz Regional Court regarding the assets of SFL Technologies GmbH.
Liabilities are currently said to be around €6.5 million. However, because of more debt, liabilities are likely to be much higher. Five creditors are affected. The costs of the financing bank and credit should be shared.
“Loans can no longer be serviced.”
According to credit protection associations AKV and KSV 1870, the reason for insolvency is that loans can no longer be serviced. Because of the building's innovation, rental income was expected to rise. Although the value of the building is 3.6 million euros, the property is subject to a mortgage. There are no employees working in the company.
Continuation in the short term
According to the company's information, the debtor company will continue temporarily as part of insolvency procedures to ensure the best possible exploitation of the project. However, according to the company's own data, there are no plans to continue in the long term.
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